The Immigrant Hustle

Overcoming the Impossible: Building Unstoppable Momentum

Vladlen Stark Season 1 Episode 6

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A $250,000 “standard” legal quote. An advisor who disappears on the same day. Lenders who won’t touch a 50% LTV asset because short‑term rentals scare their models. That’s the backdrop to our Canmore pivot and the real CEO playbook behind Luxara: less highlight reel, more trench notes on how to move when the market says no.

We walk through the messy middle: how cross‑border structures ballooned into hotel‑scale pricing, why we re-scoped to a Canadian limited partnership, and the slog it took to find lawyers who price for stage and believe in the long game. We dig into the uncomfortable truth about debt for STRs and why cash‑flow lenders balk, what asset‑based lenders actually want, and how to treat a higher rate on deal one as a bridge to refinancing once operations prove out. Along the way, we unpack where AI helps and where it doesn’t: great for drafting, comparing, and surfacing gaps; not a replacement for a signature that stands up in court. The goal isn’t to hack legal, it’s to build legal IP you can reuse, turning expensive firsts into fast seconds.

The throughline is people and perseverance. We share the “right people on the bus” test for advisors and partners, the outreach math behind finding the two yeses that matter, and the practical resources we lean on: BDC, Futurpreneur, Intergen, and a steady diet of warm intros. The Canmore deal is real, the clock is loud, and the stress is honest. But momentum compounds: every meeting, every redline, every proof point pushes us closer to the version of Luxara that runs at scale.

If this story resonates, if you’ve stared down a wild quote, a cold inbox, or a tight deadline, come along. Subscribe, share this with a founder who needs it, and leave a review with the biggest roadblock you’re facing right now. Let’s build the community that makes the next yes arrive faster.

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Vladlen Stark:

Welcome back to the Immigrant Hustle, an unfiltered CEO's playbook on building a business with AI. I am your host, Vladlen Stark. If you've been following along, you've heard me talk about the why, the how, the what behind Luxara over the last several weeks. Today we're going to talk about the roadblocks, the obstacles that almost stopped me in my tracks, the moments when I was questioning everything and whether this whole dream was even possible. Because the hard truth is over 90% of startups fail within the first ten years. So that's nine out of every ten founders don't make it to the finish line. And I certainly wasn't planning to be one of them. So let me tell you about one of the first conversations I had with a lawyer about Luxara. This was a pretty early on in the process. I got a referral from somebody who was helping out at the time. And I was pretty excited because this was the first time I was getting external legal advice. So we were chatting about what it is that we're trying to build, the type of legal and tax structure that we were trying to set up. And at the time, the Costa Rica was the only property that we had in the works. So we were actually layering in a U.S. partnership into the mix as well. So mind you, it was maybe a little bit more complicated than today with our Canmore project, but certainly pretty similar fundamentally. It was a limited partnership owning another company in Costa Rica that would own the ultimate property. Anyway, I describe all of this to the lawyer, and he tells me that that's not his direct area of expertise. So he needs to talk to some of the other partners in the firm. So he calls me back and he says, Hey, great news. We've done some of the work like this in the past, and I think that we can help you out. And he continues to say that what I was doing was exceptionally complex and that they did something similar for a company that was developing a hotel down in Mexico. Then came the number. He very casually said it was somewhere between $250,000 and $260,000 for this work. You know, fortunately for me, I've been around the block a few times by now, so I didn't immediately panic. And I started asking, how complex do you really think this is? We're certainly not the same as a hotel development in Mexico, not operating a fund in a traditional sense, because unlike something like a REIT or even this project for a hotel, you know, they would have raised a whole bunch of capital from a whole bunch of people into a single fund. They probably had some pretty sophisticated lending associated with that. They were working on a land purchase with permitting and all kinds of other things, plus construction and construction financing. And I'm thinking to myself, this really can't be the same. This has to be different scope of work. To which he responds, no, no, no, this is basically all one and the same. You're both in the realm of securities regulations in the states. There is strict licensing requirements. There's requirements about disclosures and compliance, and it's going to cost you 250 grand, and you should be so lucky that you found us that we're giving it to you for such a steal. Honestly, at that point, I was in a bit of a shock, but I thought to myself, this can't be it. I have to keep looking. And so I did. I started getting emails and making phone calls and asking anybody I knew to make more referrals so I could have more informed conversations with some other lawyers, both in Canada and in the U.S. A handful of days later, I had uh coffee with a partner of a law firm here in Calgary, and I got a similar messaging that this was complicated. We were in the realm of issuing U.S. securities, and that U.S. lawyers would need to be involved, and the price tag would be somewhere between 50 and 75,000. Now I'm thinking to myself, okay, now we're moving in the right direction. I mean, 75K is no pocket change for anybody, and certainly is not for me. And at least it's not 250. So, all right. You know, we're we're making we're making waves, we're making progress. But I thought to myself, okay, how much further down this totem pole can I go? How far down can I knock this price? So I said, All right, I'll keep making phone calls, I'll keep emailing people, I'll see what I can do. Fortunately, I got another referral through a good connection of mine working in a private equity world. This individual seemed to really understand what we were doing. He's a partner at a reputable law firm here in town. He said, Hey, I'll make some introductions to a few firms in the U.S. Let's get on the call, talk through your facts, and see what we can do for you. I'm getting a little bit more excited because this guy seems to know exactly what we need. We get on the call with these lawyers from the states, and they were out of Minneapolis, though it's a New York-based law firm, but Minneapolis is the cheap rates, the non-Wall Street rates that are still a thousand bucks an hour for a partner and four hundred bucks for paralegal, but we digress. So we get on the phone, have the meeting, and we're chatting about the requirements. These guys are telling me, no problem, we've done this work hundreds of times. You need a couple of little entities, a couple of agreements, some standard stuff, nothing to worry about. Let us put together an engagement letter and a scope of work, and we'll get back to you in a couple of days. Now I'm getting excited at this point. I'm thinking, all right, now we're cooking. Sure enough, I get the email a few days back. $50,000. And I'm thinking to myself, did these guys just put my bid out there on the dark net somewhere, got together, and everybody agreed that $50,000 is the price for this work? I guess $50,000 it is. So I parked that in the back of my mind. And fortunately, right around the time of this conversation is when that base camp event took place. I met uh Sean and uh Donna in Canmore, and we got talking about the Canmore project. I put all of that research and all those conversations on a bit of a hold uh and uh refocused on Canada, looking at only Canadian partnership, Canadian securities regulations, and simplifying my life a little bit. So I went back through the conversations that I had with the Canadian law firms and reapproached them with this slightly changed direction for the structure, not only using a Canadian limited partnership and skipping US entirely. That certainly helped my cause, didn't knock the price tag down much lower than the 50 we talked about, but I certainly had a handful of really good conversations. And one of those conversations actually ended up leading to the law firm that didn't take on my work, but one of the partners ended up joining Luxara as an advisor, which I'm very excited about. So that little defeat actually turned into a pretty major victory in the long run, I believe. Now we're still early days, and I haven't fully leaned on him as the advisor, but I'm exceptionally happy to have him on board. And I look forward to the conversations that I know we'll have that will be quite productive. And as I was looking more and more, I finally got yet another referral to these two young partners at a really reputable law firm here in town. And we met with them quickly over a lunch one day. And very quickly, I realized that these guys understood where I was coming from, understood what I was trying to do, and most importantly, understood the vision and the long play here that maybe they don't win on the front end with these huge legal fees at the start. But if they bet on me and if they bet on Luxara, there's certainly a ton of work coming down the pipeline when we succeed and when we have another 10 or 20 or 50 partnerships that we have to structure, the documents that we have to write, the international expansion that we're talking about. And that's really something that I've struggled with with a lot of these professional relationships that I've had over the last 20 years. It just never seemed to me that any of them were interested in the bigger picture, in the longer play. Maybe the business is so good for a lot of these big firms that they don't need to make bets on the up-and-comers and you know, thinking about long plays. But in my mind, it just never made sense. When I met these young guys from this law firm that I'm working with, you could tell immediately that they saw that longer play. Right now, we're not in a position of strength. I'd like to be, but we're early days. We're hustling trying to get this thing done. We don't have a ton of leverage with anyone. But imagine two, three, five years down the road, Luxara is a hundred million, hundred and fifty million, two hundred million assets under management. We have dozens, if not hundreds, of limited partnerships. We have all kinds of agreements, we have all kinds of investors, we have all kinds of debt, we have all kinds of things happening. And guess who's getting the call when I need that work done? It certainly won't be the people who turn me down after a single email. It's certainly not the people who wanted to gouge me up front and not take any bets on me or on the company. So I keep reverting back to that really brilliant framework from Beyond Entrepreneurship. You need to get the right people on the bus and you need to get the wrong people off it. That has been my philosophy for a while now, and it just works time and time again. And I've been quite fortunate that I managed to get a lot of the right people on my bus pretty quickly over the past several months that I've been working on Luxara. I'm certainly not slowing down because there's a lot more seats left. But it wasn't easy getting those initial few seats filled, and I don't think it'll be very easy filling the remaining ones either. If I think of the law firms, the market brokers, the exempt market dealers that I've contacted, I know for a fact that in terms of exempt market dealers, I contacted 16 different companies in Canada and the US, and only one of them had even remote interest in listing Luxara on the platform. And even then, they wanted to have a lot of the fundraising to be done already, as high as 30 or 40 percent of the raise, which in a case of Canmore just didn't make any sense because our deadlines are so short that raising part of the money, taking a pause, listing it on the platform, continuing the raise just isn't going to work. So I had to pass on that. When it comes to law firms, I've contacted easily between 20 and 25 law firms, and out of all of that, I got one firm to do the work and one lawyer to be the advisor, which honestly was just an added bonus. So, really one law firm. So to fill two seats on my bus, I had to go through and kiss 36 to 41 different frogs before I found my two princesses. So, really, no matter what it is, you really gotta put in the work. And that really reminds me of this really amazing quote that I now have a new level of appreciation for. And goes something like this. Until you win, everyone asks you why you keep working so hard. After you win, everyone reminds you how lucky you got. That certainly hits you different when you're in the trenches and you're trying to build something. And I'm certainly not at a point of winning, so nobody's reminding me that I'm lucky just yet. But I certainly look forward to that day. In the earlier episode, I mentioned that this $250,000 quote and the advisor disappearing all came at the same time in a single day. I think it was a Monday. And that story is still unfolding to this day, months later. What I want to reflect on is as I mentioned earlier, it's hard to brush things off. It's hard to not let things get to you because when that one advisor disappeared on me, it wasn't that I was so upset about the relationship. It was that I really started to question myself. You know, was it me? Was it something I said? Was it something I did? Or even worse, was it that Luxara was a bad idea, that something that happened in those weeks or days leading up to this conversation was so fundamentally flawed that this respected and successful business person just decided to walk away from the deal. And that stuff's hard. You know, you have to really ground yourself and check your bearings and talk to your people. And in the last few episodes, I was talking about the importance of people. And it was really my little network and my people stack that got me through that day and certainly what followed led to a lot of wonderful moments since then. The lesson here is when you have people who really get it, who are really your champions and will stick with you no matter what, hang on to those people. The people who question you, who doubt you, get those people off your bus and do it quick. And it's not something that has to be contentious or offensive or combative. It's just something that needs to happen, and you need to do it quickly and pull off that band-aid. Because it's energy wasted on both sides, and you could be putting that energy to something a lot more productive. As I mentioned, all of this unfolding actually led to this pivot that I talked about in the last episode, and now we're really focusing on Canmore. As of the time of this recording, on October 13th, Thanksgiving, we finally have an official accepted offer on Serenity Point in Canmore, which certainly didn't come easy. We've put a pretty insane deadline in front of us to negotiate our vendor take back mortgage or our landing facility until October 31st. And then we'll have our due diligence window ending in December 15th, so about 60 days from now. Now that is what you call stress. We're very actively trying to raise money, and we're reaching out various different investors working on networking events and leaning on our networks through realtors and other people. It certainly has not been easy. Everybody seems to think it's a great idea. A lot of people see the opportunity, but there hasn't been a lot of signatures on the paper as of yet. And it's understandable given everything that's going on in the economy, both in Canada and in the US, the state of global affairs, the inflation that's been hammering everyone for years at this point. And I think the market confidence has been very interesting over the last little while. And the exciting thing is that I'm not going at it alone anymore because in the last handful of months, now, as I mentioned in the last episode, I've been able to find a couple of additional advisors for Luxara. I've been able to find a couple of people who signed on as finders to help us raise capital in exchange for a finders fee. And honestly, I was quite surprised that not a lot of people jumped on our finders fee program because 3% is quite generous, in my opinion, if you compare that to something like a real estate transaction where realtors, you know, would be splitting fees, would having to pay portion of their fees to the brokerage, and realistically would net something a lot lower than that in the end. And really, I think the important thing here is that because now there's more people working the deal, every little action from every one of those people just keeps adding to the pile. It's that one extra snowball that rolls down the hill until we have a full-scale avalanche. So if I reflect on the broader market, 42% of startups fail because they build products that nobody wants. Now that's certainly not the case with us because not only did we have our own proof of concept with our Costa Rica villa, we also have our competition in the US to look to. And between Picasso and Ember, I know they've done well over $1.5 billion of transactions. So at least we know that there is a market need for the product that we're selling, even if it's slightly different than our competition. Now, 38% of startups fail because they ran out of cash. The fortunate thing about Luxara is that we've been really stingy on spending cash up to this point. I haven't paid myself anything. Everything that I've spent so far was mostly spent on various subscriptions and licenses for AI tools that I've used to build up assets for Luxara. The time that was put in, and largely by myself, but also by all the advisors that I've been so fortunate to get in the last handful of months, hasn't been compensated. And they have their equity in the company that hopefully one day is worth a nice chunk of money. But as of right now, that time has been free. And we're yet to receive our legal bills. I think that will be the biggest expense we have up to this point. We've been very fortunate that we haven't had to come up with an MVP product in a traditional sense that requires manufacturing or inventory. Our MVP was the platform that I've built using all these AI tools, all the marketing materials again that we've used AI tools for, and of course, all the work we put in from the planning and strategy perspective amongst the advisors around Luxara. Which brings me to the final statistic that 23% of startups fail because they don't have the right team. And even though at this point in time Luxara's team is me, myself, and I, and some AI tools, I really can't keep saying that because even though all the advisors are on the table, the finders that are helping with the capital raising, they're not employees of Luxara, but they're very much the team Luxara. They're not getting paid yet, but they're very much a team. And I am very confident in every single person that I've got around me working with me that they're absolutely the right team and they're absolutely going to deliver on everything we've asked them to do. So now I just gotta see it all unfold. And that brings me to some words of wisdom from Steve Jobs, who said I'm convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance. If you've learned anything about me in the last five episodes, is that the one thing I do have figured out, and that is perseverance. Now, of course, we need to talk about technology in a podcast about building business with AI. If I reflect back to earlier episodes where I mentioned getting visuals right for Luxara, both from the just picture perspective, but also on the videos that we've created. It was thousands of images, dozens or hundreds of videos, certainly hours upon hours upon hours of my work. And we finally got to the point where it was something that was sensible that we could share with the world. But that's not what I want to talk about in this episode, because we've covered that in good length before. Specifically reflecting on the legal and security compliance perspective, I was contemplating how much I can rely on AI in that space. And I had coffee with a friend of mine who's an AI systems engineer, and I was telling him about all of these crazy legal quotes that I got. And then his first response was, Well, have you tried using AI to draft these agreements or to give you legal advice? To which, of course, the answer was yes. I mean, I told him that I had hundreds or thousands of pages of research up to this point. I had my draft agreements that were drafted by various different models that I try to cross-reference and see what made a lot of sense. But fundamentally, even before Can Moore came into picture with, you know, the $8 million deal, even on the smaller deal in Costa Rica that we're looking at, it's still a significant investment for everyone involved. And I wasn't feeling confident that I could rely on something that AI generated to put in front of my investors and really have any level of confidence in it. So I decided to test it and see you know, can I compare what an AI model is doing to something that a real qualified lawyer did? Now, unfortunately for me, um, in my professional career, I had never done any work specifically around securities regulations or a lot of these type limited partnerships. I've done tons of other legal work and compliance work, but just these specific areas. I've never seen any agreements in the past. So I didn't have anything good to compare to. So instead, I used some of the other agreements that I have seen a number of different times and instructed the models to draft me something similar to those agreements, and I compared them. And I was quite honestly shocked at how close the models got in drafting these agreements from series of prompts and questions about a problem at hand to something that I know the companies I worked at paid a lot of money to very reputable lawyers here in town to draft. So that certainly gave me a lot of confidence, but yet I didn't feel right trying to do that. As I was telling all this to my friend, he said something quite interesting that might be a path for a lot of you out there. And he said, if you're putting these agreements in front of people who are sophisticated investors, almost certainly they will have those agreements reviewed by their own attorneys. And you could use that and really have those attorneys basically crowdsource the review for you. By the time you have half a dozen different people review your agreements, you're going to have a pretty solid agreement, even if you started at a pretty weak point. Now, that was certainly tempting, I'm not going to lie. And if I wasn't as fortunate as I was in finding these two lawyers that I'm working with here in town, I may have been tempted even more. But once I found them, and once I heard what they were saying and the quotes that they were putting in front of me that were a lot more reasonable than anything I'd seen before, I thought, you know what, I just can't risk it, especially for a deal the size of Canmore. We have to put our best foot forward. We have to get professional documents done by real professional lawyers and AI at this point in the life cycle of the development just isn't quite there yet to deliver something this important. But it was certainly a great idea. I got to give them credit for something that you're working on. Maybe it's an option, but certainly not legal or financial advice. I'm certainly excited that the very model of Luxara is to repeat this very same process time and time again. So once we do this first Canmore project, our next Canmore or next Canadian project at least will certainly be a lot easier and a lot cheaper because we'll have all the agreements that we can recycle into that. But as we enter new markets, as we do some of our capital raising, I know that a lot of these issues will come back up. And I know that $50,000 price tag is going to finally get me because I think that's just the price that we'll have to pay, at least on the first deal in the US, to get it done right with all the various security regulations that we have to follow. And then from there, we'll be able to rinse and repeat and use the same set of agreements over and over again, establishing that IP and that value of Luxara as a business. Because as I reflect back to a conversation I had a few months ago with a very successful entrepreneur that I wish I had more access to, but I got This one phone call out of this guy, and I'm so very happy that I did because he laid some really good wisdom on me. And in that call, he said that the value of Luxara is potentially in the legal and compliance innovation of this. Not so much the properties we're looking at, not so much how well we're going to take care of them and how strong our rental revenues are going to be, but it was that we were looking at it in such a different way that we were innovating. And that innovation was inherently valuable. Speaking of innovation and of other entrepreneurs, I think it's important to know what resources you have available around you. I haven't fully relied on some of these resources, but I know that they're there, and I'm actually quite actively having conversations now to maybe tap into them a little bit more. First and foremost is BDC. BDC is certainly the entrepreneur's friend in Canada. There are certain programs about lending, about resources, and they're a really good partner to have early on and later in your development life cycles, including private equity that they also do. They invest in early startups themselves, as well as help you raise capital or other debt externally. Another nice company that everyone should check out is Futurepreneur, and they provide credit facilities and mentors. I'm not sure which one is more valuable. I'll lean on the mentor side of it. When I had a conversation with them a couple of months ago, I was a little bit disappointed that you had to get the loan to get the mentorship. But I considered it, even though I'm paying a higher interest rate on the loan that I could otherwise, because I have some really good relationship with CIBC, who's currently my lender. I thought, well, I could basically get access to these mentors. And my cost for those mentors would be the difference in the interest rates I would be paying to Futurepreneur versus CIBC, which actually was pretty tempting. But again, I was fortunate to get a few other mentors and a few other advisors along for the ride with me on my bus. So I passed on Futurepreneur, but certainly something for you to check out. And then there is actually a whole bunch of different government grant programs and subsidies that you could have. A lot of them these days are in the realm of AI or technology in general. There's certainly things like, you know, subsidies or grants for interns or for summer students and so on and so forth. And also, again, coupons, loans, and other various supports available to the entrepreneurs out there. The applications are pretty long and daunting, so I haven't ventured too much into that because I haven't really needed a ton of cash at this point in time. But if you do need a little bit more capital in your journey, I'd encourage you to check out a lot of these grants and subsidy websites by the various government agencies. I also have to give a shout out to a company here in Calgary. I'm not sure how wide their span is, but certainly for Albertans, it's a great place to go for startups and even for more mature companies. It's called Intergen. Intergen has a ton of mentors that they pair up with founders and startups to help them along the way. It's a not-for-profit. They host some really great events. They have speakers who are entrepreneurs and otherwise talk about all kinds of issues. And I found that to be quite helpful as just another resource for you to try to tap into if you're earlier on in your journey as well. And I mentioned I mentioned financing a couple of different times in different contexts, but if we circle back to the Canmore property specifically, um, that was another surprise for me and another roadblock for me that we're still battling out to this day. And that was securing the debt for the property. I've talked to every single major bank, the vast majority of mid-tier banks and credit unions. I've talked to a number of private lenders, I've talked to people who specialize in securing debt or bridge financing. Honestly, I was pretty shocked how few people are interested in doing a deal like this. And if you really think of the math on this deal, I don't quite understand it myself because we're financing 50% loan to value. In other words, 50% debt, 50% equity. So there's very significant collateral at play here for the lender. The property is going to be, in my opinion, and based on the opinions of those around me at the table, very profitable, generating a ton of cash with very significant debt coverage ratios. Again, just using market statistics and market averages and not going too crazy. But the interest has been quite low. And I do understand that a lot of the lenders in Canada are quite low in terms of their risk tolerance. I also understand that a lot of the lenders in Canada are cash flow-based lenders, which means that they look at the cash flow of the business or of the property before they lend the money. In the case of the big banks, for example, they don't like short-term rentals because they don't have a very steady cash flow that they could forecast. What they do more traditionally is they would lend you money towards a rental that is long-term residential lease or long-term commercial lease, which basically guarantees your cash flow for a period of time, subject to vacancy or tenant issues, but they like something like that in writing up front before they lend you the money. In our case, while it might be a lot more lucrative to be a short-term rental, there is no specific guarantee without past performance. We don't have past performance on our books, and we haven't had much success convincing the lenders that past performance of our competition in the marketplace of what I would call inferior properties in terms of the finishes, in terms of the size, in terms of the location, still wouldn't be sufficient for the loan. So that was pretty surprising for me. The few banks and few lenders that I talk to who are asset-based lenders, in other words, they only care about the value of the property as collateral for the loan that they're writing. We've had a little bit more success there, but those loans are a little bit more expensive. And at this point, I think we might have to go for the more expensive debt, at least for this first property, because this is really our statement in the marketplace. This is about viability, not about profitability, at least not initially. I am confident that within 12 months or 18 months of us acquiring this property and operating this property and having the track record that I know we will have with this property, we'll be able to go to just about any lender out there, show them the track record, and get the loan that we need at a much more reasonable rate. So I'm not sure how many more negatives I really need to mention in this episode. So maybe I'll just go into a quote, and it's one of my favorites by Nelson Mandela. Do not judge me by my success. Judge me by how many times I fell down and got back up again. Now that's certainly very powerful, and I think that that's really what this episode has been all about. The legal nightmares, the compliance issues, the advisor who disappeared, the financing challenges, the issues with AI tools, all of that has been a challenge after challenge after challenge, and yet the momentum is building. That avalanche that started with a few snowflakes is going to be pretty hard to stop pretty soon now. The challenges will always be there. The people will always be difficult. But you just have to continue and you have to persevere if you believe in what you're doing and if you have people around you who believe in you. So if you're building something right now, just remember this you're not alone, and you don't have to do it alone. Find some mentors, reach out to BDC, ask Futurepreneur, go to Intergen events, message a few people on LinkedIn, start a podcast, ask for help, and I bet the help will come. Get the right people on the bus. Show up every day, put in the work, believe in yourself, and if you don't believe in yourself, find somebody else who believes in you, and soon enough, you'll believe in yourself too. And most importantly, don't be afraid of the dirt. You'll get your ass knocked down time and time again, but you gotta get up and you gotta keep pushing. Next week, we're going to take you into our Canmore deal. I'll talk a little bit more about how it all came together, how we found the property, the conversations we've been having, all the challenges we've had up to this point with lending, with appraisals, with legal work. The deal isn't done yet. We had our signed agreement today. We have a deadline of December 15th, the clock is ticking, the stress is on, but this is where we forge ourselves. This is where we prove to everyone that we can do it, and then once we do it, all kinds of doors are going to open. I'm really looking forward to that day. I don't think I'm ever going to get tired of saying this. Let's keep building this community together. If you see somebody going through the same sort of challenges that I've described in this episode, or any other challenges out there, give them the helping hand. Be that person to pay it forward now and always. Because none of us can do it alone. Thank you for listening. I'll see you next week.